The Company Growth Podcast On Customer Retention Strategies That Work
One part of the latest Company Growth Podcast interview really stuck out to me. The guest, award-winning speaker Joey Coleman, was on the podcast to talk about retaining customers, and he said that, when it comes to delivering on customer experience, we compare ourselves to competitors within our own industry.
But, according to Joey, that’s not always a good idea.
Because when you put yourself in your customer’s shoes, you realize they’re not just comparing their customer experience with other companies in your industry. They’re comparing you to every customer service experience they’ve ever had.
People often think about purchasing decisions in an emotional way. And even if you think, “no one’s going to compare our company with Netflix, we do completely different things, we operate in completely different industries,” that’s not always how people think. As consumers, Joey says, we remember the businesses that made us feel excited to be a part of something.
In short, to retain customers for longer you need to be competing with the Netflixes and the Amazons and the Googles, not just the people in your industry. This doesn’t necessarily mean you have to do what these companies do, but it’s worthwhile to train yourself to see where your customer experience is lagging behind the best experiences in the world.
How Do I Compete with the World's Best?
“Okay, hold on,” you might be thinking. “I get why clients will compare their customer experience with all the companies they ever interact with. But a company like Netflix is completely based around user experience. I can’t compete with that. Apples and oranges!”
Well, these apples are a little bit orange.
One exercise that can help you improve your customer retention strategies is to put yourself in the shoes of your customer. It sounds basic, but trust us, it’s worth devoting time, thought, and research to. Ask yourself these questions: “How can my customer experience be smooth like Netflix? How can I build a culture of encouragement and inspiration like Peloton? What can I do to help a customer feel energized when they buy from me? What will help them feel good about the interaction? Answer these questions and you’ll have a great starting point to an improved customer experience.
Customer Retention Strategies 101: Learn to Use HubSpot Effectively
HubSpot is an amazing tool for getting data on customer retention. If you’re comfortable using the platform, you can get everything you need to see if your efforts to reach new heights of customer satisfaction are paying off. Tangible Words has been working with and using HubSpot for years now, so if you want to learn how to use the platform more effectively too, read our blogs on HubSpot and listen to the Company Growth Podcast for insider tips you won’t find elsewhere.
Listen to This Podcast Episode for More Customer Retention Strategies
Check out the Joey Coleman episode of the Company Growth Podcast.
To browse more episodes by topic, visit the Company Growth Podcast webpage.
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